Karachi (November 18, 2017): The market retracted flat on the week’s close, with the benchmark KSE-100 index shedding 1.42 percent or 591 points on weekly basis to reach 40,844 points on the back of political uncertainty and reduction in PSX’s weight in the MSCI.
Inflow from foreign investors recorded at 1.13 million dollars as against an outflow of 1.78 million dollars witnessed during the last week.
Trading at the bourse in the initial part of the week was underpinned by MSCI’s announcement where the leading index provider removed Engro Corporation (ENGRO) from MSCI Emerging Markets Index and lowered Pak weight to 0.08% in MSCI EM.
However, in last 2 days of trading, market recovered as value buying took place in some of the blue chips and trading stocks.
Traders and analysts expect range bound and volatile trading to prevail in the upcoming week in the backdrop of trigger-less market. Key data points to watch out for next week include: (i) Current Account number for Oct’17, (ii) textile exports data, and (iii) power generation numbers, which might help change the course of the market.
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